In continuation to the post on Friday.

It is difficult for buyers and sellers to remove themselves from the emotional aspects of negotiation.  This is when a good real estate agent comes in handy.  They can be unemotional about the transaction.  Agents work professionally to present their clients case in the best light and are therefore able to obtain the best results for their client.

Handling the volumes of paperwork is probably the most daunting task in buying or selling a house.  Today’s purchase agreements are often times more than 10 pages long.  There are federal and state mandated disclosures as well to contend with.  Most agents  have from one to three inches of paperwork pertaining to each transaction by the time your sale is complete.  A small mistake can land you in court and cost a ton of money.  It is the job of a real estate agent to make sure that your interests are protected and handled appropriately and accurately.

Many questions can come up even after the closing is final.  Good real estate agents stand ready to lend a helping hand when any trouble arises.  It often only takes one call and the problem is resolved.

A good real estate agent knows that his continued success will depend on your happy buying or selling experience.  Repeat business and referrals are what sustains an agent year after year and they work hard to make sure your experience is what you expected.

In continuation to the post on Wednesday.

Agents act as great buffers between you and the public.  They are able to manage your property showings and visits.  They field the many phone calls that mostly lead to nowhere.  They are able to keep the focus on the serious buyers so that an offer can be written quicker.

Agents know the current market conditions, which govern your selling or buying experience.  Important information can be analyzed to find out the average and median sales prices, the average per square foot cost of similar homes, how many days a house has been on the market and ratios about how many houses are listed, versus how many houses were sold.  All of these factors help determine when the right time to buy or sell is.  The agent will help guide clients into making the right choices about the selling price of their home based on current market conditions.

Real estate agents are able to network with other professionals.  Due to liability reasons, some agents will tend to shy away from recommending a certain individual or company over another.  They do know who has a good reputation and can often give you a list of references of companies that they or their clients have worked with before.  This information can provide needed background information so that you can make an educated choice on who you want to do business with yourself.

Please check back on Monday for the conclusion to this post.

 People often wonder if it is really necessary to hire a real estate agent in this day and age.  With the endless amount of information available on the internet, it may seem like selling your home will be an easy task.  In today’s nationwide soft market, selling your home may be more difficult than you imagine.  This is a time when picking a good real estate agent to represent you should be top priority.  Some people do okay selling on their own, but more times than not, a licensed real estate agent is the way to go.

Real estate agents offer both education and experience when they represent you.  Agents know the in’s and out’s of the market, so you don’t have to.  For the most part, they cost about the same, so the important thing to do is interview agents and pick the one that best represents your views and needs.

Agents are well versed on the industry buzz about your neighborhood.  They are able to find comparable sales, which is important information for you to have.  They will know how long other homes have been on the market and what upgrades those home have that would be comparable to your own home.  This will help with finding a good selling price for your home.

Please check back on Friday for Part 2 of this post.

In continuation to the post on Wednesday.

Looking for a high priced home?  Now might be a good time to pick one up.  The limit for buying by federally sponsored mortgage agencies is $417,000.  Many investors are staying away from these jumbo mortgages in today’s economy.  A new law allows Fannie Mae and Freddie Mac to buy loans as large as $729, 750 in certain high priced areas in the country.  This opportunity may end by the end of 2008 unless Congress acts.  Now would be a good time to invest in your dream house while the rates are still decent.

Even though it may seem like a good idea to buy a foreclosed property, it is important to do your homework before making the purchase.  Foreclosures tend to be bunched in areas where residents took out mortgages that they simply could not afford.  Remember, you are not only buying a house, you are buying a neighborhood.  Check to see how many foreclosures are in the area.  Too many foreclosures can equal a very unstable neighborhood that will likely go downhill fast.  Buyers should also be careful of newer neighborhoods where owners could have taken out risky loans.   These newer developments are at risk more than better established neighborhoods.  Buyers should look first in areas that have highly rated schools.  They tend to hold tough during economic downturns.

The most important thing that a buyer should look for is an agent that they can trust and one who has their best interest at heart.

It is no secret that selling a house in today’s market is difficult.  One only has to drive around to see the amazing amount of “For Sale” signs most everywhere in this country.  Foreclosures are plentiful.   It is certainly a buyers market.  Rates are down and there are too many houses available.  Despite it all, the entire buying process can still be mind-boggling!

It is likely that the house you buy today will be worth less by this time next year.  Many people are finding houses they like, but waiting for the seller to reach rock bottom prices before making the leap into a bidding scuffle. 

Buyers should pace themselves.  They should find their perfect house and drive a hard bargain on their bid.  Many sellers are willing to go lower, so buyers should bid 10 percent lower than what the sellers are asking.  Buyers should also sell their current homes before trying to buy a new home, unless they are looking for investment property.

Mortgage rates should always be a concern for home buyers.  Now might be the better time to buy.  Even though the Federal Reserve has slashed interest rates, financing is likely to get more expensive as time goes on.  Many fixed mortgage rates rely on bond market expectations about inflation, which is certainly a concern.  Rates are expected to climb by December of 2009.

Please check back on Friday for the conclusion to this post.

I heard on CNN this morning that “It may be the best time to buy a house in more than four years”.  They said “Home prices have dropped so quickly and so far that valuations - the difference between what a home should cost and its actual price - are the lowest they’ve been since 2004”.  ”Housing valuations are almost back to long-term norms,” said National City’s chief economist, Richard DeKaser. He called current affordability “the best in the past four years.”Here in California we see the decline in home price softening especially in the sought after foothills of the Sierra Nevada’s. Of course these areas attract the retired folks and second home buyers. But as you look around at the values on the market, you can buy well under what it would cost to build.In Mr. DeKaser report, he indicated that out of the markets surveyed, 6% are severely over valued, including Atlantic City and our neighbor, Madera, Calif.  He also indicated that California is among a few other states where there have been the biggest gains of affordability. So, come buy and invest in the foothills of the mighty Sierra Nevada’s.

Governor Arnold Schwarzenegger has estimated a shortfall of about $14.5 billion for this coming fiscal year.  To help reduce the deficit he has  propose slicing State departments’ budgets by 10 percent, closing of state parks, and releasing prison inmates early. California is not the only state feeling the fiscal punch. In Rhode Island the governor warned that his state faces the largest budget deficit in many years.Nationwide, more than half the 50 states face budget gaps as they try to put together the budgets for the coming fiscal year.  It has been reported that one main reason for revenue shortfalls is the slumping real estate market, sub prime mortgage crisis along with the continuing rise in oil prices. California is among those hardest hit by the real estate slump.  Another factor hurting California is the number of people moving out of state.  According to some reports California lost more than 263,000 residents.Real estate people can do their part to help recover California’s doom by promoting a positive outlook in owning and investing in California’s real estate.  Agents should be involved in their community affairs and a loud voice in local government. California still has a lot to offer.

Can I ever buy a million dollar home? Years ago I would have never even entertained the thought of owning a million dollar home. But, in today’s market I may be closer than I ever thought. That’s because nationwide, homeowners are slashing asking prices, often by significant margins, making million-dollar properties much more palatable then ever before.Its been reported that in Los Angeles a million dollars will buy a four-bedroom, tract type home with a few upgrades. In New York it might get you a one to two bedroom apartment. On the West Coast, like the Bay Area a million dollars doesn’t seem wildly excessive: The median home price in San Francisco is over $800,000.00. These prices are the result of concentrated wealth in the local economy, high regulatory and business costs for builders that are passed along to buyers, and a very small, confined geographic space that allows for little new development.If you are willing to move out of those confined geographic areas and into suburbs, your million dollars can get you into a modest 1,500-square-foot house with three bedrooms and a good-sized yard. If you’re willing to move out further into the foothills your money can get you a 3,000 plus square foot home on several acres with views, shops and other amenities.In Central California, check out Coarsegold, Oakhurst, Mariposa and Sonora. You will be surprised what your million dollars can buy, and you’ll get change.Again, its location, location, location. While home sales nationwide are at a historic low, those at or above the $1 million mark can be yours for less.

Forming and leading a championship power agent team can be quite a challenge, but it is well within the realm of most ambitious and talented agents. With the right information and some hard work and determination, you can build a team that will more than pay for itself by generating substantial revenue and freeing you up to pursue other opportunities—both personal and professional.

In this session, John Featherston, President & CEO of RISMedia, teams up with Agent Team Coach Ralph R. Roberts and a panel of the top Power Team Leaders from across
North America to reveal what it takes to build and manage a highly successful power agent team.Topics they will address include the following:

• - Structuring your team, from simple agent-assistant teams to more robust teams consisting of listing agents, buyer’s agents, closing coordinators, and more
• - Identifying your needs
• - Recruiting the right talent
• - Transitioning from independent agent to Power Agent Team Leader
• - Mastering the art of delegating
• - Supplying your team with the tools and technologies to succeed
• - Training new team members
• - Keeping the team on track with weekly meetings
• - Compensating your team to ensure maximum productivity
• - Avoiding and resolving conflicts among team members
• - Marketing your team to build a strong brand presence
• - Identifying new opportunities and adding new teams
• - Overcoming the top challenges to operating a successful agent team

This session will also touch on advanced topics of how to promote and expand your agent team:

• - Generating ever-increasing leads through R-Commerce
• - Streamlining operations with the latest technology
• - Building trust through communities with social media and blogging
• - Expanding your talent pool and scaling your business with virtual assistants
  
  

Moderator & Panelists:

Moderator: John Featherston, President and CEO, RISMedia
Agent Team Coach: Ralph R. Roberts

Panelists:

Brandon Fairbanks, Broker/Owner, Montecino & Associates Real Estate
Domenic Manchisi, Team Leader, Prudential Towne Centre Realty
Chip Neumann, Partner, Neumann Real Estate
Wayne Turner, Broker/Owner, Wayne Turner Real Estate Company
Michelle Turner, Second in Command, Wayne Turner Real Estate Company

Donald Trump appears to have his eyes on the central valley and Running Horse may be the perfect development in need of such a name and reputation. The failed Running Horse development was auctioned off this last week and purchased by La Jolla Loans whom originally financed the project. The City of Fresno will negotiate the purchase of Running Horse and would like to sell it to Donald Trump. Mr. Trump is now in process of organizing his team to build and complete the project. I am excited to hear of the Trump organization showing an interest in the Central Valley and hope to see Mr. Trump show an interest in future developments in Fresno and Madera Counties. To keep up to date on this development and for information on how to purchase a Trump property in Running Horse just visit this blog regularly for the latest news and information.